One of the act's main aims is to overhaul the companies registry in the United Kingdom to drive out foreign corrupt funds from the United Kingdom economy.

The act is further aimed to counter fraud and money laundering.

[2] The bill for the act was introduced to the House of Commons on 22 September 2022 and had its third reading in the House of Lords on 4 July 2023.

The act was significantly amended when travelling through the Lords and there was a stand-off with both Houses during the wash-up period leading up to the 2023 prorogation of Parliament about the final form of the act.

[3] Companies House's implementation costs are being met by increased charges for company filing services, effective from 1 May 2024: